Camp, a family experience company, is set to open a new store in the former Toys R Us shop at the Golden State Plaza mall located in New Jersey. The company is betting big on the upcoming holiday season, following a huge Covid vaccination rollout in the United States.
According to Ben Kaufman, founder, and chief executive officer of Camp, the company is ready to provide products that meet customers’ personalized tastes. Moreover, Walmart, Target, and Amazon control a huge market share in the United States.
“We aren’t big needle movers for toy vendors in terms of volumes, just yet, because we don’t have enough locations. But we are needle movers in terms of taste-making and putting a stamp of ‘this thing is cool,” Kaufman noted.
Kauffman noted that Camp derives a huge portion of its revenue from brand sponsorship, merchandise transactions, and ticket sales for rotating experiences.
With the new store, the firm will be in a position to deliver more during the coming holiday season. Moreover, the hype is high surrounding the end of the year holiday season after a two-year lockdown. Most retailers have already begun offering holiday-related discounts to attract more customers. Additionally, the firms have doubled their marketing strategy in a bid to reach out to the global market.
Camp and Toys R Us: Market Outlook
The company is however facing notable headwinds as consumers change their habit of spending more unpredictably.
According to a survey conducted by Accenture, 43% of United States consumers intend to spend more on experiences and services away from physical goods. “This is going to be a very human holiday,” said Jill Standish, senior managing director at Accenture and head of the firm’s retail group. “So a prioritization around experiences and very personal things is what we’re going to see.”
In a bid to deal with the changing environment, the company has also planned to reorganize its market outlook. Notably, Kauffman said that the company is introducing a new feature dubbed Present Shop, to allow kids to shop directly.
“It recreates the feeling we had as kids walking through a mall with a $20 bill, trying to decide what we want to get for ourselves, or our dad, mom, or sister,” Kauffman said.
The company has also teamed up with product manufacturers for marketing purposes. Furthermore, it increases revenue streams during and after the holiday season.
“That just shows you how we can be a traditional retailer, and buy and sell, but we can also act as a media and marketing platform for brands,” Kauffman said.
Despite the news that the presence of ToysRUs Anz Ltd (ASX: TOY) in the US was reduced, TOY stock on the Austrian exchange is 2.94% up today.